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11-01-2011, 02:54 PM
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#46 | | Senior Member
Join Date: Apr 2009
Posts: 4,393
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Razorsharp--
I'm going to go out on a limb here and say that I think now is not a good time to be caught with culpability in that particular business.
They are looking for people to send to jail like crazy right now. And if they can send an ex-goldman guy to jail? bonus. They will do it.
I believe he will be tried in a court of law.
I could be wrong. But I believe he will be.
Unless they find the money. I know IBG backed out of the sale because they could not find the money. Given the bet that they had on and the way it was trending against them, the fact that they were leveraged up 40 to 1, I say he ends up on trial.
We shall see.
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11-01-2011, 03:00 PM
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#47 | | Member
Join Date: Jun 2005 Location: West
Posts: 515
| Quote: |
They are looking for people to send to jail like crazy right now. And if they can send an ex-goldman guy to jail? bonus. They will do it.
| Very true.
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11-01-2011, 03:12 PM
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#48 | | Senior Member
Join Date: Aug 2004
Posts: 5,661
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I don't think Corzine is going to jail...
Corzine did miss out on his $12 million bonus...
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11-01-2011, 03:16 PM
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#49 | | Junior Member
Join Date: Aug 2010
Posts: 202
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Corzine is the scum of the earth and the reason people have such bad feelings about the financial industry.
Sent from my DROIDX using CC App
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11-01-2011, 03:17 PM
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#50 | | Senior Member
Join Date: Aug 2004
Posts: 5,661
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Looks like MF Global admitted to comingling funds...which is illegal...
All the broker-dealer money looks accounted for...according to CNBC.
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11-01-2011, 03:28 PM
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#51 | | Senior Member
Join Date: Aug 2005
Posts: 1,459
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"Corzine is the scum of the earth and the reason people have such bad feelings about the financial industry."
You've got that right. I guess with these jokers, the buck doesn't stop at their level but somewheres belo - probably a low level working stiff.
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11-01-2011, 05:12 PM
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#52 | | Senior Member
Join Date: Aug 2007
Posts: 1,269
| Official: MF Global admitted using client money - Yahoo! Finance Quote:
Government rules require securities firms to keep clients' money and company money in separate accounts. Violations can result in civil penalties.
MF Global filed for bankruptcy protection Monday, after a big bet on European debt threatened to topple it.
The investigation of MF Global Holdings Ltd. is preliminary. A formal investigation by the company's main regulator, the Commodity Futures Trading Commission, requires a vote by its five commissioners.
It isn't clear whether the violations could lead to criminal charges. At a news conference, Manhattan U.S. Attorney Preet Bharara would not comment on whether a criminal investigation is underway involving the revelations at MF Global.
| "Can result", "civil penalties". D@mn.
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11-01-2011, 05:22 PM
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#53 | | Senior Member
Join Date: Aug 2004
Posts: 5,661
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Hey...there is nothing wrong with commingling funds...
I am sure it was just an honest mistake...
Damn regulations....  | |
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11-01-2011, 09:31 PM
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#54 | | Senior Member
Join Date: Nov 2004 Location: NC not NJ
Posts: 1,852
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I wonder if Corzine really was the crook here or if he is merely guilty of poor supervision. Do you think he reverted to the role of head trader and personally waved in $6bil worth of Greek bonds, or did he hire a few former Goldman traders and gave them too much rope? Somebody clearly thought they were still at Goldman, where you can just keep buying while whatever you are buying goes down, and just keep buying until it goes up. That doesn't always work in the real world.
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11-01-2011, 09:59 PM
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#55 | | Senior Member
Join Date: Apr 2009
Posts: 4,393
| INSIGHT-Did Corzine's risk taking cripple MF Global? | Reuters
I think this is a pretty balanced view of his involvement.
He fired half the employees and hired new people to replace them.
What is also interesting, in the article, is how they talk about how he was hired because the FED's policy of keeping interest rates so low has made it difficult for clearing to make enough money to survive, and they needed to trade to remain profitable. At least that was the most interesting part to me.
Law of unintended consequences.
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11-04-2011, 10:54 AM
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#56 | | Senior Member
Join Date: Aug 2004
Posts: 5,661
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Fifty thousand accounts are tied up with MF Global.
Corsine resigns...has hired an attorney...
663 million dollars is still not accounted for...
Anant Shah, who runs a fund, has 35 million tied up at MF Global....and he does not have access to his account..and he has positions that are expiring. He said half the fund is at risk.
Things should be speeded up so people and firms can have access to their accounts. For firms that have capital at firms outside of MF Global......maybe they can take take opposite positions with margin rules waived... So these firms are not tying up capital. I guess that would be a bookkeeping nightmare.
So now we have firms at risk...
And MF Global...depending on what we read...either took on 33 to 1 leverage or 40 to 1 leverage...
I am sure we all live like that....
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11-04-2011, 10:57 AM
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#57 | | Member
Join Date: Jun 2005 Location: West
Posts: 515
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Corzine refused a 12 million severance package. At least he had the decency to do that.
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11-04-2011, 10:58 AM
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#58 | | Senior Member
Join Date: Aug 2004
Posts: 5,661
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That's true.....
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11-04-2011, 11:10 AM
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#59 | | Senior Member
Join Date: Aug 2004
Posts: 5,661
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11-04-2011, 11:25 AM
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#60 | | Junior Member
Join Date: Sep 2007
Posts: 141
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Was Jim Roger's fund eventually made whole, after Refco went belly up? I didn't follow.
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